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Coronavirus: Lululemon to cut senior leadership salaries

Canadian activewear giant Lululemon has cut senior leadership team salaries by 20% for the next three months, while its board of directors will “forgo their cash retainer”, amid the Covid-19 coronavirus outbreak.

The retailer has also committed to paying its staff until 1 June, whether stores remain closed or reopen.

The funds from the cut salaries will go towards a “We Stand Together Fund” to help Lululemon employees facing Covid-19 related hardships.

“At Lululemon, our people are our top priority. These decisions enable us to support our teams and immediate business priorities, while balancing what is required to plan for the recovery and growth to follow,” said chief executive Calvin McDonald. “We’re making the right commitments now as we navigate what’s ahead for the future.”

Lululemon stores across Europe, North America, Malaysia, Australia and New Zealand will remain closed until they can safely reopen. However, its website and app are trading.

URBN, which operates Anthropologie and Urban Outfitters, is taking additional measures to protect its financial position amid the Covid-19 outbreak, including borrowing $220m (£177m) to help protect its cash reserves.

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